Beijing: Advantages in Chinese industrial companies grew at a much slower pace in November, said the statistics bureau on Monday, depressed by dropping the price of some raw materials, the property market that faltered and weaker consumer demand.
The profit rose 9.0% in November to 805.96 billion yuan ($ 126.54 billion), far from 24.6% increase in October.
For the January-November period, the profits of industrial companies rose 38.0% year to year to 7.98 trillion yuan, slower than a 42.2% increase in the first 10 months of 2021, the statistics bureau said.
Zhu Hong, a senior statistician in the NBS, said that while the country’s efforts to cool wholesale prices in November took the cost of the cost of the downstream industry, the sidewalk means contributing to the mining and raw materials for overall profit growth.
“But the company still faces large cost pressures, and increased profit for the downstream sector needs to be consolidated further,” Zhu said in a statement that accompanied the release of the data.
Inflation of red-hot-hot factories in China was slightly cooled in November, driven by the government’s crackdown on the price of commodities that escaped and the power crunch as Beijing rushed to reduce the economic effects of crippling the cost of a surge.
The second largest economy in the world, which has lost steam after a strong recovery from the pandemic last year, faced many challenges as a decrease in deepening property, inventory congestion and strictly covid-19 overcome consumer spending.
The sadness of the country’s property has also injured the steel sector while the production of cement, glass and household appliances remains vulnerable to the decline in demand.
At the Main Agenda Meeting Meeting this month, China’s top leaders promised to stabilize the economy and maintain growth in a reasonable range in 2022.
The Bank of Rakyat (PBOC) this month cuts the amount of cash that must be held by the bank and the bank to reduce loan interest rates year to stimulate growth.
Industrial earnings data include large companies with annual income of more than 20 million yuan from their main operations.